Making this a little more messy, is that the person asking setting up this arrangement is a family member who has been able to use the space rent-free for several years.

I think it's a great idea for several reasons; you would most likely be an independent contractor, you wouldn't have to go to an office 9-5, you would travel to meet with clients and have their documents signed.

My husband and I didn't buy properties in bad neighborhoods, they just developed into them after several years had gone by. 

.)- If someone stops paying rent you may need to go through an eviction process- When screening tenants you need to do a thorough check of who you're renting to- There are several Fair Housing laws you need to be aware of when placing a tenantOften times, a PM company will even be able to cover their own cost by receiving the highest rental amount possible for your investment, most likely higher than you could by yourself due to the exposure and avenues they have for marketing.

I work with several lenders that do most states.

I've been doing traditional buy/hold traditional investor for several years and I have little desire to continue finding  another12 month or "long term tenants".Observation #1:  Niche marketing.I've been want to to market to a specific clientele or target tenant (without violating discrimination laws).   

Assuming rents don't fall through the floor or I loose my job and can't find something else for several months I should be able to weather most storms but anything is possible...  

Others might want you to own the property for several years before they do so with the idea that, if the previous owner had a problem with the HOA foreclosure, they would have done something about it within the first few years of the sale. 

I have considered for several years the importance of general investing, but recently have become increasingly interested in real estate investing.

With her teachings, coupled by other education I've received on the subject, I've been able to invest in several MHs, and finally about 18 months ago a small MHP!